Tag: CEO Insights

Whiteboard Topics: 4 Things Lake Homeowners Must Consider About Mortgage Rate Increases

Posted on Kamari House

Increasing mortgage rates are inevitable, and as a lake homeowner, you need to know what that means for the value of your property. Lake Homes Realty’s CEO, Glenn Phillips, shares four things to consider as interest rates rise.

  1. Less DIRECTLY Important: The fluctuation in mortgage rates will influence the demand for your home. Selling before the rise in mortgage rates will ensure a larger pool of interested buyers.
  2. Slow Price Appreciation: With inventory being so high and demand being so low, prices have skyrocketed in recent times. The increase in mortgage rates will contribute to slowing this down.
  3. Influences Buyer Mindset: As interest rates go up, buyer demand goes down. Inflation can cause buyers to be more conscious of their spending habits.
  4. Think About Timing: If you want to maximize the return on your investment, you have to time the sale of your home to the market’s peak.

Owning a lake home is an investment, and as a homeowner, you want to maximize this investment when you’re ready to sell. Be sure to research the current state of the market before you decide to list your home!

Whiteboard Topics: 5 Surprises about Lake Real Estate

Posted on Kamari House

What seems unusual to the average home buyer/seller may be completely normal in the lake real estate market. Lake Homes Realty’s CEO, Glenn Phillips, shares five surprises about lake real estate you should be prepared for.

  1. > 50% Cash Deals: More than 50% of lake home transactions are cash deals. This happens because those who are purchasing lake homes can afford
  2. Multiple Lakes: Buyers aren’t looking at one lake, so it’s important to price your home to compete with those out-of-town locations.
  3. Leading and Trailing Markets: The lake market is always changing within itself. Popular locations will get hot first, but the surrounding lake homes will find their way up in demand.
  4. AVMs Struggle: It’s best to avoid using online tools when finding the price value of your home because they can be extremely inaccurate when measuring lake properties.
  5. Land and Location: The location of a home can have a big effect on its price. Buyers have to remember, they are not just paying for the property, but also the land it resides on.

The lake real estate market is unique and plays by rules that don’t apply to the average market. Understanding why the lake market moves the way it does will help you avoid getting surprised!

Whiteboard Topics: 5 Home Pricing Mistakes Sellers Must “Get Over”

Posted on Kamari House

Selling your lake home can be challenging when you don’t understand the importance of proper pricing. Lake Homes Realty’s CEO, Glenn Phillips, shares five pricing mistakes sellers must “get over.”

  1. What You Paid for the Property: Buyers do not care what you paid for your property. Your pricing must be based on the current market, and not the one when you bought it.
  2. Prices of Nearby Homes for Sale: Ignore the prices of nearby homes that have been on the market for some time. These unsold homes are more than likely overpriced.
  3. Your Personal Effort: Just because you have put personal effort into your home doesn’t mean the market price will reflect what you feel it’s worth.
  4. Rumors of High Sales Prices: Outliers do exist, but you shouldn’t overprice your home because of them. Use the average sales prices as a guideline.
  5. Taking Low Offers Personally: Disregarding low offers can close the door on potential opportunities. Be sure to respond in order to begin the negotiation process.

Your lake home will never leave the market if you don’t do the proper research when listing it. Sell it for the right price in this real estate market now with these tips so you’ll know what to avoid!

Whiteboard Topics: 6 Reasons Real Estate Agents Choose Lake Homes Realty

Posted on Kamari House

It’s no secret that we’re the nation’s largest lake-focused real estate brokerage. Lake Homes Realty’s CEO, Glenn Phillips, explains why real estate agents choose Lake Homes Realty.
 

Specialization: With a market full of agents, specializing is important to stand out from competitors. The lake homes market is extremely popular, and a great one to specialize in.
Market Reach: LakeHomes.com is shown to millions of potential clients a year. Our website will allow you to expand your clientele by reaching consumers all across the nation.
Technology: Our in-house technology allows you to effectively manage and personalize your interactions with buyers/sellers.
High-Quality Clients: Because LakeHomes.com targets consumers specifically interested in buying/selling a lake home, the leads generated are of exceptional quality.
Support: Agent support is a top priority, even though we are highly virtual. There will always be a person on the other end of the line when you need assistance.
Alignment: We connect buyers and sellers to agents that will best fit their lake buying needs. This alignment will inevitably be beneficial to all three parties, as everyone’s needs will be met.
 

From quality lead generation to specialized tools to aid in client management, joining Lake Homes Realty just makes sense. Join us and propel your real estate career to heights once unimaginable!

Whiteboard Topics: Does “Lake Home” Mean “Lakefront”

Posted on Kamari House
Not every lake home is waterfront, but they all have their advantages.  Lake Homes Realty’s CEO, Glenn Phillips, breaks down the differences between types of lake homes.
  1. Sometimes, But Not Always: Not every lake home is on the water. There are many options available including lakefront, lake access, and lake view.
  2. Lakefront: This property is also known as waterfront, and is actually on the water. The home has direct access to the lake.
  3. Lakeview: These homes are some distance away from the lake, but have a beautiful view of it from where they are. For some, the view is the highlight of lake living.
  4. Lake Community: Typically a large community with plenty of amenities including golf courses and clubhouse access. You’ll also be a fair distance from the water but said amenities will more than make up for it.
Whether your home is right on the water, or some ways away, you can still make the most out of your lake living experience. Think about what’s most important to you before you buy your dream lake home!

Whiteboard Topics: 5 Things To Know About Lake Real Estate In 2022

Posted on Kamari House
Real estate is ever-changing, so it’s important to know what to look out for in the coming year. Lake Homes Realty’s CEO, Glenn Phillips, shares five things to know about lake real estate in 2022.
  1. Mortgage Rates: Although more than half of lake property transactions are cash, mortgage rates have been so low, that having a mortgage has become a cheaper option. Due to inflation, these rates will start to rise, causing buyers to shift back to cash deals.
  2. Inventory: There will continue to be a shortage of appropriately priced homes on the market and there is no sign of this stopping as the new year approaches.
  3. Buyer Demand: Buyer demand will continue to hold strong because there are still more people buying homes than selling them. 
  4. Bidding Temperature: Heavy bidding will still take place, but it won’t be as ‘super-charged’ as it was in 2021. Some bidding is inevitable because of low inventory.
  5. Distance: Out-of-state buyers are already common among lake property transactions, but this trend will continue to grow throughout the coming year.
No one knows exactly what the future holds, but it’s clear to see where lake real estate is heading in 2022. Make your dream lake home a reality this new year with these real estate tips!

Whiteboard Topics: 4 Reasons Your Agent Should Not Have A Local Office

Posted on Kamari House
Having a home office isn’t as big of an advantage for real estate agents as it once was. Lake Homes Realty’s CEO, Glenn Phillip, explains why your potential agent should not have an office.
  1. Office Cost vs. Service Capabilities: Money is being invested in an office space, and not reinvested in efforts to help agents buy/sell a home.
  2. Reasons Change: Before the digital age, offices were necessary for running the business. Now, all important documents/information can be stored on computers, phones, etc.
  3. Lake Home Buyers are Rarely Local: Potential buyers are not limited to the local community. Most of the time they will come from all across the nation.
  4. Value of Time: Stopping by the office before touring homes can feel like an unnecessary detour, especially for out-of-town buyers.
Having an office is outdated for a real estate agent. Having one takes investment efforts away from buying/ selling homes and can become a waste of time!

Whiteboard Topics: No, Don’t Wait on Foreclosures to Buy a Lake Home

Posted on Linda Thach
Although buying foreclosed homes is becoming popular, waiting for them to hit the market may not be the best way to buy your dream lake home right now. Lake Homes Realty’s CEO, Glenn Phillips, breaks down three reasons why you shouldn’t wait to buy!
  1. Not the 2008 Market: Unlike the 2008 market, there is a shortage of homes, which means high competition and a low probability of getting a home.
  2. Banks are Well-Positioned: With the economy doing as well as it is, banks no longer have to liquidate these houses because there is rising demand for these homes. Banks are also able to renegotiate with current homeowners.
  3. Majority Do Not Have a Mortgage: More than half of the lake homes transitions are in cash, which means there is no one to foreclose them.
Buying a foreclosed property can be a smart financial move, but with this current market, it may not be feasible. Waiting for a lake home to foreclose can cause you to miss out on purchasing one entirely!

Whiteboard Topics: 5 Surprising Reasons Some Real Estate Agents Discount Commission

Posted on Kamari House
If something sounds too good to be true, there’s usually a reason behind it. This week, Lake Homes Realty’s CEO, Glenn Phillips, breaks down 5 shocking reasons real estate agents discount their commission!
  1. Relying on the Market: The current market is hot, so the agent will rely on it to sell your lake home instead of their services.
  2. Reduced Effort:  Sometimes, agents will stop putting in as much effort as before. This is also because of the hot real estate market.
  3. Buyer Bait: Some agents will use your listed lake home as bait to draw in potential buyers to build upon their clientele.
  4. Planning to Double-Side: The listing agent has plans to represent both the seller and buyer during the transaction. These deals don’t typically end in the seller’s favor.
  5. Starvation: There are more licensed real estate agents than homes to sell. This can cause agents to discount their commission in hopes of making a sale at all.
Before listing your lake home with an agent, be sure their intentions are geared in your favor! A discount in commission isn’t worth subpar service in this hot real estate market.